Albany-Schenectady-Troy, NY Federal Housing Finance Agency Home Price Index (FHFA HPI)

The Albany-Schenectady-Troy, NY, Federal Housing Finance Agency (FHFA) house price index (HPI) is a weighted, repeat-sales index measuring average price changes in single-family houses with mortgages backed by Fannie Mae or Freddie Mac. The HPI value for a particular quarter represents the average change in prices for all homes in the market during that quarter.

In the fourth quarter of 2020, the Albany-Schenectady-Troy HPI was 225.2, up 1.0 percent from the third quarter and up 6.4 percent from a year earlier. The annual increase was driven by strong gains in both home sales and prices over the past year.

Sales of existing homes in the Albany metro area increased 14.3 percent in 2020, while the median sales price rose 8.1 percent to $269,000. The combination of rising home values and low mortgage rates has made home equity an increasingly important source of wealth for American families.

According to the latest data from CoreLogic, the average homeowner in the Albany metro area had $160,000 in equity at the end of 2020, up from $145,000 a year earlier and $120,000 two years ago. Homeowners with equity can tap into it through home equity loans or lines of credit (HELOCs), which can be used for a variety of purposes such as home improvements or debt consolidation.

With house prices continuing to rise across much of the country and interest rates remaining at historically low levels, now is a good time to consider taking advantage of your home equity if you need extra cash flow or want to make some upgrades to your property